老師，這是Kanplan模擬題二中上午題第二題，讓分段time horizon，答案中分了三段，最后一段是到退休，那退休后不是也應(yīng)該作為一個(gè)stage么，真題中是這樣分的base on expect mortality
case 5的第一題，他沒有說heavy tax regime是對(duì)利息還是對(duì)資本利得征稅??？那怎么選呢？
請(qǐng)問這題關(guān)於systematic risk vs nonsystematic risk 這樣的寫法有哪邊需要改進(jìn)呢?
請(qǐng)問這題這樣寫是否足夠 Approach 1: the approach that Sili takes is mortality table. The mortality table approach is to take the probability of living and spending needs into account at the same time. According to the approach that sili used, he estimate the probability of living and the PV of retirement spending needs which matches the description of mortality table approach; Approach 2: the approach that Sili uses is annuity pricing. The pricing strategy is to estimate the expected spending need and derive the amount of capital needed. The approach Sili used is to estimate the PV of payments after the retirement, which matches the description of annuity pricing approach; Approach 3: the approach that Sili uses is Monte Carlo simulation. The simulation is to estimate the probability of distribution of possible results. The approach used by Sili is to models the uncertainty of each key variable individually by assigning each one its own probability distribution and obtains a large number of rand
2011年上午題Q1的A部分，可撤銷信托和不可撤銷的信托分別是怎么繳稅的？不可撤銷信托可以免稅嗎。
case7的第4問用BGN模式?jīng)]想通，PMT=139063又不是保費(fèi)premium，而是這個(gè)人如果活著能產(chǎn)生的凈收入啊，收入那肯定是在年末的，所以我覺得用END模式才對(duì)
選取5年期的原因是文中的：The five-year Treasury-note and the five-year German government note are the cheapest to deliver against their respective futures contracts expiring in six months. 這是什么意思？
老師，這里的現(xiàn)金價(jià)值本來在第一年應(yīng)該是比較高的，但是由于費(fèi)用的影響，導(dǎo)致現(xiàn)金價(jià)值變低。之后沒有費(fèi)用了現(xiàn)金價(jià)值會(huì)變高。但是總體來說現(xiàn)金價(jià)值不是應(yīng)該在剛買保險(xiǎn)的時(shí)候是高的，而越到后面越低嗎？這個(gè)圖上面的斜率是一直向上的，表示越到后面現(xiàn)金價(jià)值反而越高？
真題的20208年的Q1.的第C問，一般問time horizon 的限制的時(shí)候，一般是按照什么原則進(jìn)行劃分，首先很多都是multi-stage，但是具體的階段劃分，這個(gè)題目我感覺應(yīng)該分為三個(gè)階段，一個(gè)是當(dāng)前到10年后，因?yàn)?0年的時(shí)候他可以拿到另外一半的信托基金，金額比較大，第二階段是從10年后到退休前，第三階段是退休，但是答案是兩個(gè)階段。 我在之前的題目里面，感覺好像是否在資產(chǎn)方面有重大的變化，或者財(cái)務(wù)的規(guī)劃發(fā)生重大改變，就可以算為一個(gè)階段，所以想問下老師，對(duì)于time horizon這種題目，應(yīng)該以什么樣的原則劃分比較準(zhǔn)確？
請(qǐng)問為什么這道題收入部分沒有減掉Adrian的
書后習(xí)題冊(cè)P166第19題，關(guān)于tax deferred account我有一個(gè)問題，是說如果股票放在這個(gè)賬戶里，即便是有了realized gain以后，也不用立即交稅，而是僅在將錢從這個(gè)賬戶中提取出來才交稅嗎？
書后習(xí)題冊(cè)P156第3題中的philanthropy這一項(xiàng)，題干中說道“cree believes that his wife would be willing to maintain…”如果是希望maintain的話，那怎么還能是high risk tolerance呢？
請(qǐng)問 reading 29 中 Practice problem Q20 and Q21中，只要tax savings 不在當(dāng)年拿來抵稅就沒有效果了? 因?yàn)閠ax savings 可以加回去本金再投資產(chǎn)生更多的回報(bào)，那這樣不是最後付出去的稅會(huì)更多? 但是解答說總共付出的稅是一樣的。 Assuming DiCenzo does not reinvest the tax savings, tax loss harvesting does not reduce the total tax paid over time. It only defers taxes because recognizing the loss resets the cost basis to a lower figure which will ultimately increase the gain realized late by the same amount. Tax loss harvest can augment return by postponing tax liabilities. Reinvesting the current year’s tax savings increases the after-tax principal investment, which can augment the value of tax loss harvesting further. 在這段解答當(dāng)中”Reinvesting the current year’s tax savings increases the after-tax principal investment, which can augment the value of tax loss harvesting further.” the after-tax principal investment 增加，不也代表 the pre- tax principal investment也是增加，那總共付出的tax應(yīng)該也是增加?
current portpolio在一型和三型計(jì)算里面都要扣稅？
這個(gè)現(xiàn)金流不是nominal嗎 為啥折現(xiàn)率用的是real呢
程寶問答
金程問答